- According to Ripple’s CEO, Brad Garlinghouse, various cryptocurrency exchange firms, crypto-based businesses, developers and individuals have amicus briefs.
- In 2013 Ripple network was launched in Califonia, and at the time, it caused a frenzy among crypto traders.
- The charges stated that the company was unlawfully issuing various sales of XRP to boost its crypto prices.
There are over ten thousand coins within the crypto space, but only a few can gain the most public interest. The obvious ones on everyone’s mind are Bitcoin, Ethereum and BNB and for a good reason. These titans shake the entire crypto ecosystem, and any slight change or shift in their crypto price predictions affects the entire crypto space.
Interestingly, with recent trends, there are those crypto coins that are constantly striving to reach the top, such as Dogecoin. Despite these efforts, there was once a crypto coin that shook even Bitcoins’ fame and range, the XRP token generated by the Ripple network. This former titan had its glory day, and now more than ever, the Ripple network is striving to regain its rightful place.
Ripple Network’s rise to fame
In 2013 Ripple network was launched in Califonia, and at the time, it caused a frenzy among crypto traders. It offered a faster and more efficient token to Bitcoin, and everyone rushed to gain their own XRP token. Its popularity among financial institutions grew even more rapidly, and soon, even leading banks expressed their interest in Ripple Network.
Also, Read the Characteristics of Ripple blockchain sustaining XRP among the top cryptocurrencies.
High-valued banks such as World Bank, ECH and IMF also took notice of the efficiency offered b the XRP token.
Unfortunately, its fame soon became its downfall. The crypto space experienced a significant high in 2017, causing most crypto coins to skyrocket, and at the time, crypto volatility appeared as a blessing in disguise. XRP token alone had a crypto price prediction of over 35000% of its original value. However, excessive success soon overwhelmed its network.
XRP Token Fall
On January 4th 2018, the XRP token started dropping, and by the time the month ended, it had lost 76& of its value. One of the most severe cases of crypto volatility ever recorded in the Crypto space. The consistent drop was brought by fears of new crypto regulations surrounding the Asian Market, and soon after, worse news followed.
As the years progressed, the Ripple network was able to sustain a stable crypto price prediction. However, it all came crashing down in 2020. The Securities and Exchange Commission filed various reports against the Ripple Network, holding them accountable for multiple fraudulent activities.
The charges stated that the company was unlawfully issuing various sales of XRP to boost its crypto prices. This sudden lawsuit did not appear suddenly. Several investors filed a similar complaint within the previous year, but it fell on deaf ears. The SEC complaint alleged that Chris Larsen, Ripple’s co-founder, and Brad Garlinghouse, the company’s CEO, profited to $600 million by selling their XRP token stash during upswings in its prices.
SEC stated, “Defendants continue to hold substantial amounts of XRP and – with no registration statement in effect – can continue to monetize their XRP. While using the information asymmetry they created in the market for their gain, creating a substantial risk to investors.”
Also, Read South Africa’s Primedia targets to become the sales house for the African Metaverse.
According to their reports, XRP tokens acquired $1.38 billion from investors and trades in the Crypto space without submitting the proper documentation for such sales. This move diversely affected Ripple’s sales, causing it to plunge further and involving the entire crypto space.
Ripple’s attempts to regain its fame
As 2022 draws to an end, the Ripple Network has clawed its way through many lawsuits. Its consistent struggle with the crypto volatility and its determination have caused many within the Crypto space to support the blockchain company.
According to Ripple’s CEO, Brad Garlinghouse, various cryptocurrency exchange firms, crypto-based businesses, developers and individuals have amicus briefs. Amicus briefs – shorthand for the formal term “amicus curiae briefs,” are legal briefs filed in appellate courts by amicus curiae. This is a front to represent the support XRP token is receiving over its struggle with the aw Court.
Despite crypto volatility’s raging effects, its price predictions have been optimistic. It has steadily grown over the past few months, and investors and market participants are waiting for the summary judgement set on November 15th. According to attorney Jeremy Hogan, deciding who wins or loses is the only thing left.
Ripple network has set a crypt price reduction of $1 by the end of 2022, which mainly hinges on the outcome of this court proceedings.
Conclusion
Despite the current Crypto volatility, there are significant strides in the crypto ecosystem. Globally many cooperatives have now turned to crypto payment services, and Africa’s current crypto adoption rate is promising. If the XRP token survives its court proceedings, its crypto price prediction will skyrocket. Likewise, if it fails, it will spell the end of the Ripple Network, creating a gap within the Crypto space and spelling danger to the rest of the cryptocurrencies.
